The officials of City Task Force today arrested one person and seized counterfeit currency notes in denominations of Rs 2,000 notes with a face value of Rs 4.08 lakh from him at the railway station here.
Addressing a press conference, joint commissioner of police D Nagendra Kumar said the accused has been identified as Mohammed Sayyed Ali (38), an ex-convict and habitual chain snatcher.
Ali was involved in chain snatchings in and around Saidabad police station under Ranga Reddy district of Telangana and was also accused in abetment of a murder case in which a former maoist Kondapuri Ramalu was killed under Chaitanyapuri police station under Cyberabad, the official said.
While under judicial remand in Chanchalguda Prison, Ali came in contact with one Khaimool from Malda in West Bengal who was serving a sentence for circulating counterfeit notes, said the official.
He acquired knowledge in circulation of counterfeit currency from him to do the illegal trade, Kumar said.
After he was released on bail, Ali went to West Bengal and met Khaimool, who was also out on bail. He procured the counterfeit currency of Rs 4.08 lakh from Khaimool and came to Vizag city today, the official added.
On a tip off, the cops nabbed Ali, he said.
The police are suspecting that the fake currency was printed in Bangladesh and pumped into India.
Kumar said the counterfeit currency was believed to be printed in border areas of West Bengal or Bangladesh.
The case will be handed over to CID or NIA, said the official.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)